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New Zealand Legislation: Bills

Bills are proposed Acts

Hon Lianne Dalziel

Financial Service Providers (Registration and Dispute Resolution) Bill

Government Bill

190—2

As reported from the Finance and Expenditure Committee

Contents

Part 1
Preliminary provisions

4 Interpretation

5 Meaning of financial service

5A Meaning of in the business of providing a financial service

6 Application of Act

7 Act binds the Crown

Part 2
Registration

8 Purpose of this Part

9 Registration and deregistration

Subpart 1—No holding out or being in business of providing financial service unless registered

10 No being in business of providing financial service unless registered

11 No holding out that in business of providing financial service unless registered

Subpart 2—Registration of financial service provider

12 Qualifications for registration as financial service provider

13 Disqualified person

Application for registration as financial service provider

14 Application to be registered as financial service provider

15 Registration of financial service provider

Changes relating to financial service provider

16 Duty to notify changes relating to financial service provider

Deregistration of financial service provider

17 Deregistration of financial service provider

18 Notice of intention to deregister

19 Objection to proposed deregistration of financial service provider

20 Notification of deregistration of financial service provider

Reregistration of financial service provider

20A Reregistration of financial service provider

Responsible financial service provider

20B Responsible financial service provider

~~Subpart 3—Registration of provider of financial adviser service~~

~~21 Registration of provider of financial adviser service~~

~~22 Deregistration of provider of financial adviser service~~

Subpart 4—Register of financial service providers

Register established

23 Register of financial service providers

24 Operation of and access to register

25 Purposes of register

26 Contents of register

27 Annual confirmation

28 Registrar must amend register in certain circumstances

29 Registrar may refuse to accept document

Searches of register

30 Searches of register

31 Search purposes

32 When search breaches information privacy principle

Information sharing

33 Sharing information with other persons or bodies

Registrar of Financial Service Providers

34 Appointment of Registrar

35 Power of Registrar to delegate

Subpart 5—Registrar’s inspection powers

36 Registrar’s inspection powers

37 Disclosure of information and reports

38 Exercise of powers under section 36 not affected by appeal

Subpart 6—Miscellaneous

39 Offence also committed by director

40 Offence to make false or misleading representation

41 Appeals from Registrar’s decisions

41A Decisions continue in effect until appeal

42 Regulations under Part 1 and this Part

Review and report on operation of this Part

42A Ministry must review and report on operation of this Part

42B Territorial scope

Part 3
Dispute resolution

43 Purpose of this Part

Subpart 1—Financial service provider must be member of dispute resolution scheme

~~44 Financial service provider must be member of approved dispute resolution scheme~~

44 Financial service provider must be member of dispute resolution scheme

Subpart 2—Approval of dispute resolution schemes

45 Meaning of approved dispute resolution scheme

Approval of dispute resolution schemes

46 Application for approval

47 Mandatory considerations for approval

48 Minister must decide application for approval

49 Notification and publication of decision

50 Reapplication by unsuccessful applicant

Withdrawal of approval

51 Withdrawal of approval

52 Notice of intention to withdraw approval

53 Objection to intended withdrawal of approval

54 Approval is withdrawn from date person responsible for scheme is notified

55 Notification and publication of withdrawal of approval

56 Effect of withdrawal of approval on members of dispute resolution scheme

List of members of approved dispute resolution scheme

57 List of members

Rules about approved dispute resolution scheme

58 Rules about approved dispute resolution scheme

59 Obligation to publish rules

60 Duty to notify change to rules

61 Minister's consideration of change of rules

61A Duty to co-operate and communicate information in certain circumstances

Annual reports and information requests by Minister

62 Annual report

~~63 Person responsible for approved dispute resolution scheme must supply further information on Minister’s request~~

63 Person responsible for approved dispute resolution scheme must supply further information on Minister’s request

64 Annual report and information requested by Minister to be publicly available

Subpart 3—Reserve scheme

65 Reserve scheme

Appointment of reserve scheme

66 Appointment of reserve scheme

67 Revocation of appointment as reserve scheme

68 Notice of intention to recommend revocation of appointment as reserve scheme under section 67(2)(ba) or (bb)

69 Objection to intended recommendation for revocation

69A Duty to co-operate and communicate information in certain circumstances

Levy to fund reserve scheme

70 Levy to fund reserve scheme

Subpart 4—Miscellaneous

~~72 Decision maker to file report~~

~~73 Powers of District Court Judge on appeal~~

Publication of details relating to approved dispute resolution schemes and reserve scheme

74AA Publication of details relating to approved dispute resolution schemes and reserve scheme

Regulations under this Part

74 Regulations under this Part

Review and report on operation of this Part

74A Ministry must review and report on operation of this Part

Consequential amendment

75 Consequential amendment

Schedule 1
Consequential amendment

Schedule 2
Licensing authorities (with relevant licensed providers and enactments)

Legislative history

The Parliament of New Zealand enacts as follows: